Internet TV Growth Mirrors That of Mobile Phones, Says Netflix CEO Hastings
Netflix thinks the growth of internet TV mirrors that of the mobile phone, CEO Reed Hastings said Monday in an online earnings Q&A. “Fixed-line telephony was an amazing invention,” because it brought 100 years of “broad, incredible benefits to society,…
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and the same thing is true with linear TV,” Hastings said. It has been an “amazing innovation,” but “the age of linear is starting to fade and it's going to be replaced by internet,” he said. “So I think you have to think big about the future.” Netflix is “closing in” on 100 million global subscribers, “but I remind everyone at Netflix that Facebook and YouTube have 1 billion daily actives,” he said. “And so, in many parts, we are just so small compared to those other internet video firms and we have a lot of catch-up to do." That’s why Netflix is so heavily “investing in our content and making it globally interesting and compelling,” he said. “So there's a lot out there” in terms of market opportunity, he said: “But we only just have to take it year by year, and it's tremendous fun inventing the future.” Netflix shares closed 19 percent higher Tuesday at $118.79 after Q3 subscriber additions exceeded the company's forecasts (see 1610170061).